Knowledge is power, and this is certainly true in business. In an increasingly global market, it is necessary to identify information that will help with making business decisions. Customer data can take many forms and it is important to look at ways in which customer data can be used and why an organisation may look to gather specific data.
What is customer data?
Customer data can be anything from information that an individual customer provides, such as where they live and what they have purchased, to broader information relating to demographics and spending patterns.
Other forms of customer data could include undertaking mystery shopping visits through a company such as shepper.com. This type of information is not directly linked to an individual customer, what they choose to purchase, or how they choose to interact with the company; instead, it looks at the real-time customer experience to identify areas that are particularly good or particularly bad.
It is important to recognise that there are legal requirements when it comes to collecting personal data. The Information Commissioner’s Office has lots of information on subjects such as UK General Data Protection Regulation (GDPR) to ensure all legalities are complied with.
A data collection company will offer a wide variety of options when it comes to the methods and types of data that will be collected to support business decisions. Professionals in this area have a clear understanding of what types of data are available and why this could be useful for a particular organisation.
Using customer data
When it comes to engaging with a data collection company, the first step is to identify the business strategy you are pursuing and the information you require to support robust decision-making. Are there any known weaknesses that need further exploration? If customers do not return readily, for example, a mystery shopper visit may be a useful exercise.
If an organisation is looking to launch a new product, it is likely to be more beneficial to conduct general market research to ensure the product is well-positioned.
